Think You Need a Huge Down Payment to Buy a Home? Think Again.

For a lot of hopeful homebuyers, the excitement of buying a home in Texas turns into anxiety the moment the word “down payment” comes up.

“I’ll never save enough.”
“I need a small fortune just to get started.”
“I guess I’ll just rent forever.”

If you’ve ever thought that, you’re not alone. But here’s the good news: most of what you’ve heard about down payments simply isn’t true—and you might be a lot closer to homeownership than you think.

Let’s bust a few myths that are keeping way too many Texans on the sidelines.

Myth #1: “I need a big down payment.”

A national survey found that 70% of Americans think they need to put at least 10% down to buy a home. And 1 in 10 folks don’t even know what’s required.

Here’s what I tell my clients in the Dallas area:

That 10% or 20% myth keeps a lot of qualified buyers from even exploring their options. Don’t let that be you.

Myth #2: “It’ll take forever to save up.”

Saving can take time, but if you’re buying in the Dallas-Fort Worth market, you may not need nearly as much as you think. And you don’t have to do it alone.

Think about this:
If you’re looking at a $300,000 home and only need 3% down, you’re talking about $9,000. Add in the possibility of down payment assistance, seller credits, or gift funds, and that number gets a lot more manageable.

If you take advantage of my Zero Down FHA program and you get the seller to cover you closing cost, you can literally buy a home for less than a $1000. But, be careful and don’t over extent yourself.

I help my clients put together realistic, step-by-step savings plans—and connect them with the right tools to get them there faster.

Myth #3: “I have to come up with the whole down payment on my own.”

Not even close.

There are thousands of down payment assistance programs across the country, and many are available right here in Texas. Yet 39% of Americans don’t know they exist.

These programs can offer:

  • Grants that don’t have to be repaid
  • Deferred-payment loans
  • Forgivable second mortgages
  • Special programs for first responders, teachers, and more

Even if you’re not a first-time buyer, I can help you find programs that fit your situation.

Bottom Line

If the down payment is the one thing keeping you from buying a home, let’s have a conversation. You may not need as much as you think. And you definitely don’t have to do it alone.

I’ve helped thousands of Texans get into homes—even when they thought they weren’t ready. Let’s see what’s possible for you.

If the down payment wasn’t standing in your way, would you be ready to start your home search?

Let’s talk. You might be a lot closer than you think.

Posted in blog, Loan Programs and Information and tagged , , , , , , , , , , ,